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Bank of Ireland assures union about further job cuts

Bank of Ireland Group PLC CEO Francesca McDonagh has assured Financial Services Union officials that the bank will adhere to an existing restructuring arrangement, The Irish Times reported.

The assurance comes as the Irish lender is said to be considering reducing jobs, with nearly 15% to 20% of its workforce, or up to approximately 2,200 employees, expected to go until 2021, the Dec. 21 report said, citing Investec analysts. The Irish bank declined to reveal the exact number of terminations, having already decreased the number of its employees to 10,892 in 2017 from 16,000 in 2008, the newspaper noted.

It was reported in June that the Irish lender was planning to invest an additional €500 million in its restructuring program as it sought to continue its extensive IT overhaul.